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Credit Pacific Service Union By Philip White

(EUNN) Italian energy company, Eni SpA, reported Saturday that rebels had sabotaged an oil pipeline in the Niger Delta, forcing the flow of valuable oil to be stopped. The Nigerian Agip Oil Company, a subsidiary of Eni SpA, Brass pipeline that forced the Agip Oil Co. to halt production. In a statement released by Eni SpA, oil production was immediately stopped and that the pipeline was isolated. Eni also said that pollution containment measures were being taken.

Credit First Service Union (EUNN) London - Nigerian militants kept true to their threats, sabotaging an oil pipeline Monday in the Niger Delta that pushed oil prices in London up $1.03 to $61.52 a barrel. The pipeline sabotage marked the second attack by Nigerian militants in less than a week.

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Card Credit Mobile Service Saturday Nigerian militants attacked a Royal Dutch Shell Plc platform, kidnapping 9 oil workers that forced Shell to shut down another oil platform and transportation terminal, cutting off 20% of the Nigeria's daily oil production.

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Card Credit Discover Service Nigeria pumps about 2.8 percent of the world's oil, but with Shell's production of 450,000 barrels per day shut down in Nigeria the US will face a shortage of light sweet crude that's distilled into gasoline. The United States imports 1.1 million barrels of Nigerian light sweet crude per day, so with Shell's production shut in, no one can tell how it will affect gasoline prices Tuesday when the NYMEX reopens after the President's Day holiday.

Higher oil revenue, strong liquidity, 06 led to a surge in asset prices (shares and real estate) and consumer inflation.

Credit Public Service Union Authorities said the pipeline sabotage seemed more organized than the attack on the Shell oil platform three days ago. Adding to the concern will be OPEC's meeting of oil ministers slated for March 8th in which they are most likely to cut production due to oversupply on the market.Iran today said it would not accept Russia's pending offer to enrich uranium for it, insisting that it had a right to process nuclear fuel itself. Iran has threatened to cutoff its supply of oil if the UN Security Council sanctions the Middle Eastern country. Friday, Venezuela's President, HugoChavez, threatened to stop exporting oil to the US as well.

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